The Swiss watch industry has weathered worse. In August 2026, exports rose 9.1% in value compared with a year earlier, the fourth consecutive month of growth, even as shipments to the United States fell sharply.
At a glance
- August 2026 exports: up 9.1% year on year.
- Streak: fourth consecutive month of growth; the 12-month average turned positive for the first time in two years.
- United States: down 19.4%, linked to tariff-related inventory movements.
- Growth markets: Japan, Singapore and China.
Why did exports to the US fall?
US figures were distorted by tariffs. Retailers and brands moved inventory ahead of and around tariff changes, which inflated earlier months and created a tough comparison. The 19.4% drop reflects that timing as much as consumer demand.
What drove growth elsewhere?
Japan, Singapore and China all improved. August also includes Qixi, China’s Valentine’s Day, which fell on August 19 this year and traditionally supports gifting. Still, analysts caution that one strong month does not make a recovery, and that mid-range and higher-priced watches were weaker in volume than cheaper models.
The historical view
Swiss watchmaking has survived far bigger shocks. In the 1970s and early 1980s, the “quartz crisis” caused by cheap Japanese quartz watches cut Swiss watch employment by roughly two-thirds. The industry recovered by consolidating, launching the Swatch, and repositioning mechanical watches as luxury objects. Tariffs and slower demand in China are serious, but history suggests the industry adapts.
The industry that survived quartz can survive a tariff.
Frequently asked questions
How much did Swiss watch exports grow in August 2026?
By 9.1% in value year on year.
Who publishes Swiss watch export data?
The Federation of the Swiss Watch Industry (FH) publishes monthly export statistics.
Sources: FashionNetwork / Bloomberg · FH
